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Roundup: Singapore stocks end down 0.76 pct

Xinhua, June 9, 2015 Adjust font size:

Singapore shares closed 0.76 percent lower on Tuesday, as investors were reluctant to buy stocks following China's weak price data.

In China, stocks slipped after data showed China's consumer price inflation grew at an annualized 1.2 percent in May, just below market expectation of 1.3 percent. The producer-price index, which measures prices of goods at the factory gate, dropped 4.6 percent in May from a year earlier, matching a 4.6 percent year- over-year fall in April but slightly worse than market expectations.

The latest data together with trade figures on Monday renewed concerns about deflationary pressure in the world's No.2 economy.

Meanwhile, investors were cautious over Greek debt talks which showed no sign of early conclusion. The Greek government said it was ready to negotiate a settlement acceptable to both sides by the end of this month, yet European Union officials said there was no new proposal from Athens that its creditors could agree to.

Singapore's benchmark Straits Times Index fell 25.20 points to 3,295.13 points. Trading volume was 1.4 billion shares worth 1.32 billion Singapore dollars. Decliners outnumbered advancers 325 to 122, while 509 stocks did not move.

Singapore Exchange Limited shed 0.4 percent at 7.90 Singapore dollars. The stock-exchange operator announces that it has hired a former senior Bank of America executive to succeed its high- profile chief executive, Magnus Bocker. Loh Boon Chye, deputy president and head of global markets for Asia-Pacific at Bank of America-Merrill Lynch until early this year, will take over as chief executive from July 14. The new chief arrives at a time when the exchange is facing challenges from falling volumes and the lack of big initial public offerings, to technical glitches.

Sinarmas Land fell 1.6 percent to 63 Singapore cents. It announced it has been invited by KaiLong Holdings Limited (KLR) to participate in the proposed listing and offering of units in KaiLong China Real Estate Investment Trust on the Singapore Exchange. The real estate investment trust will have an initial portfolio of seven business space properties in Shanghai and one office building in Chengdu in China.

Among the top gainers, DBS Group rose 1.7 percent to 20.42 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 4.1 percent to 57.54 U.S. dollars. (1 U.S. dollar equals to 1.35 Singapore dollars) Endi